The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-05-01

EFFECT OF ONE UPON THE OTHER
RATHER WEAKENING.
The Interstate Commerce. Doctors Examining the
Patient At Mobile UnfasorabIe
Results Indicated.


received by telegraph an application
from the Oregon Railway and Naviga-
tion Company. asking that the company
be relieved from the operation of Section
Four. The petition presents that its lines
of railroad connect with the Northern
Pacific and the Union Pacific Railroads,
and that with such connections the pc
titioner's lines form links in through
trans-continental lines to the Pa
cific. The petitioner is informed that
the said Section Four has been
suspended as to the lines aforesaid. that
both companies make through rates to
the Pacific Coast, including transporta-
tion over the lines of the petitioner and
that the petitioner is advised that it can
not enjoin said companies in said traffic
fixed by them ON through freight to Pa
cific Coast points without first obtaining
a suspe nsion of said Section Four in he
half of the petitioner.
THE COMMISSION IN SESSION.
MOBILE, ALA, April 3O.-At to-day
session of the Interstate Commerce
Commission, representative from the
Birmingham coal and iron region, with
petitions asking for the suspension of
the fourth section of the law were heard.
James Bauron, Secretary and Treasurer
of the Tennessee and Alabama Coal
Iron and Railroad Company, was first
heard. He stated that the pig iron pro-
duct of Alabama was to-day 600 tons per
a a Al II -
to 1900 tons; that there was no local con
sumption to Justify such a product and
it must seek distant markets. The bust
ness of his company was begun
with formal contracts extending over
number of years under which the rail
roads gave low rates in return for
guarantee of steady business and that
under these contracts the railroad busi-
Ness had steady increased. Since the
bill went into effect, he said. instead of
sales of not more than 100 tons and these
last mostly for shipment by water
routes. The railroads have adhered to
their contracts with us. We have been
placed on the basis of the most favored
customer and we have had many cOnces-
sions made us. There were causes
by which the rates of transportation of
iron have been made contingent upon
the value of the iron market. We have
shipped by train and half train load at "a
time. We want relief in such form as
the Commission is able to give. If
n, H..
want the temporary suspension made
permanent. All now suffer seriously.
There is nothing imaginary about it.
THE CAPITAL INVESTED.
Judge Cooley-.'What capital is in
MIR. Bauron-"This is AN aggregation
Of six companies, whose capital stock is
sl0, ,OOO, 900 and bonded debt 50, 900, 900"
Judge Cooley-''You mean that ten
millions of capital has been put in:'
Mr.. Bauron-'Some stock has been
sold at discount, but since that time
some of the money earned has been APP
to the capital stock account
and the two have about evenly balanced
each other. The company was at first
entirely of EngIishmen- Some
two hundred men of the North of Eng
and and the former Southern States
Iron and Furnace Company. Sewanee
Company was composed of Tennessee
men; the Pratt Company, of Tennessee,
and New York gentlemen the Alice,
Of AlabssRa, Tennessee and Ken
lucky men: the Lynn, of Ala
ba,nians and Tennesseans. The
original Tennessee Coal and Iron Com
pany which embraced New York capital
is now owned chiefly in New York, after
passing through the hands of Tennessee
ans. Some of the works are outside the
limits of Birmingham. Some ten thous-
and people are employed outside in por-
tions of our works who could not be
as part of Birmingham. We
own 1S0. 900 acres of coal lands; we have
invested in buildings and machinery not
less than five millions of dollars"
Chairman Cooley-"Do | understand
that sixteen millions have been actually
invested in lands and property by your
company Mr.. Bauron-.'Yes sir.
Chairman Cooley-"Has the stock been |
subjected to changes in the market :"
MIR. Bauron-..Yes. Ii Is listed in
Wall street. 1t went up TO 1I6. To-
lay it is not more than 4j. This was
the result of readjustment, bringing
in new works and bringing in other
stock The highest quotation. after the
Ssnna rhlr l,saY,a
has been steady decline. There is no
special reason for this except the gen
eral stagnation in the iron business
We have not vet shut down any of our
business because we have hope that the
law will not be enforced.
SEARCHING INTO EFFECTS.
Chairman Cooley-..Do you think the
stagnation has been caused by the en-
of the law as to roads north of
the Ohio:" Mr.. Bauron-"Most EN-
phatically do
Chairman Cooley-"Have you cut
iown any on this account :" Mr.. Bauron
Not vet, sir. Now as to our business.
We do it entirely on long contracts"
Mr.. Bauron here gave reasons for this
and added that there has been no over
production during the Last eighteen
Stocks such as We make are
sO.o0o to 10000 tons less than hereto
tore-
Chairman Cooley-"As l understand !
rou As to your business, you expect to be
,rippled by this act. but not by any over
,r,~1ucf Of trade
Bauron-"If / could say / would de- |
liver iron for three months or for six |